"none of the cap raising shares have been issued to anyone so...

"none of the cap raising shares have been issued to anyone so far. yet to see any release form adi on that to the asx?

Do you know that becuase you are one of the sophisticated and professional investors that took part in the cap raising?

The announcement also usually comes AFTER the shares have been allocated.

"i am real perplexed how these shares are being sold without being issued???"

Well, let's see it is really simple........

Situation A:

A 'sofisticayed' type holds x number of ADI shares and knows that he/she is going to get another say 100,000 shares in the cap raising at 25 cents.

So to maintain their interest and get some quick gains they offload 100,000 shares of their current holding.

Situation B:

A 'sofisticayed' type holds ZERO ADI shares, but knows that he/she is going to get 100,000 shares in the cap raising at 25 cents.

As these shares are going to issued they have access to the shares and thus can sell the shares 'short' without really owning the shares. Also as they have access to the shares they technically are not 'short' under the ASX rules.

Once the shares are allocated they deliver the shares and pocket the difference between the 25 cents and the sales price.

All neat, legal, and done in every cap raising to the 'sofisticayed' types.